The self-illuminating material will make it appear bright in the dark, but if you want it to shine on other surfaces and/or cast shadows, I believe you need to add a light entity (e.g. spot light). The lights in my map are all models with self-illuminating materials and underlying lights. Although I didn't use them in my map, particles are typically used to create a light-flare or aura effect around a glowing object. I think there is an entity called env_sprite that supposedly does the same thing, but I don't know if it works in SteamVR.

Cheers Praxeos, i think i'll go have a look into those particles like you suggested. If Valve is doing it this way it must be the best way to do it i spose.